congress will be back in session as well. this is the first time since 1970 that a house of congress -- in this case the senate -- conducted legislative business in the week between christm new. doesn't mean they're going to get anything done. the most likely outcome seem to be we go over the fiscal cliff or there is a temporary stop-gap solution. absent that, we are heading over the cliff. >> you are going to have less money to spend in a very difficult economy with very little clarity on how the economy is going to pick up in the near future or even in the long run. we are entering into a very difficult era, unfortunately. >> we talk about the impact on the economy. it's because as your income goes up, your tax hike will get larger and larger and collectively, it's a lot of money out of the economy. you look at folks making more than $500,000 a year, their taxes would go up on average $120,000. that's money that won't be spent on consumer goods, won't be invested. it will simply go to the government and it may cause, may ca